Microsoft saw some unusually large option trades yesterday that were way out of the money and way out in time.
A big chunk of more than 15,000 January 2014 35 calls crossed optionMONSTER's screens, bought for $1.27 against previous positioning of 4,591 contracts. Those calls lock in the entry price on the software giant's stock for the next two years, so they obviously allow plenty of time for a rally.
Microsoft has long been range-bound and is frequently criticized for its lack of performance. But the stock has been rising with the market since November and was strong again yesterday, coming back from an earlier drop to close little-changed on the day at $27.72.
The $35 strike price of yesterday's option trades, which are way above the stock's current levels, are looking for Microsoft to run higher in the long term. It hasn't been at $35 since early 2008.
More than 100,000 calls traded at all strikes in the name yesterday against fewer than 86,000 puts , reflecting the day's bullish option sentment.
—Najarian owns MSFT shares.
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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of .